Port Louis, Mauritius, 6 October 2026 (ECA) - Africa needs deeper capital markets, stronger financial institutions and better mechanisms for mobilizing its own resources if it is to finance development at the scale required, experts said at the 2nd Annual Conference on Credit Ratings, which concluded in Mauritius on 6 October.
Over two days, policymakers, credit rating experts, investors, regulators and development partners explored how Africa can strengthen its credit ratings ecosystem while mobilizing more domestic capital for long-term investment.
Discussions ranged from the way risk is assessed and priced in African markets to the development of local capital markets, financial literacy, artificial intelligence and fintech.
Another issue was how Africa’s reserves, pension funds, sovereign wealth funds and insurance assets could be put to greater use in financing the continent’s development.
The conference came at a time when African countries continue to face high financing costs and growing investment needs.
UN Resident Coordinator for Mauritius and Seychelles, Lisa Singh, said Africa’s cost of capital remained among the highest in the world and called for investment decisions to be informed by accurate, transparent and comprehensive assessments of African economies.
Ms. Singh noted that the issues under discussion went well beyond the technical workings of financial markets because they directly affected the ability of governments to finance infrastructure, support businesses, create jobs and improve people’s lives.
African Peer Review Mechanism CEO, Marie-Antoinette Rose-Quatre, urged African countries to create the conditions needed to unlock more of the continent’s own capital for development.
Ms Rose-Quatre underscored the importance of stronger governance, managing risk and creating conditions for productive investment. She also pointed to the Africa Credit Rating Agency, due to be launched on 7 October in Mauritius following the conference, as part of a wider effort to strengthen Africa’s financial architecture and respond to longstanding concerns around credit ratings.
Mauritius Minister of Financial Services and Economic Planning, Jyoti Jeetun, said deeper and more liquid capital markets were needed to diversify financing sources and support infrastructure, business expansion and innovation across Africa.
She also pointed to Mauritius’s role in facilitating cross-border investment through its financial services ecosystem.
“The development of capital markets should therefore be viewed not simply as a financial sector objective, but as an integral component of economic transformation and sustainable development,” said Ms. Jeetun.
Much of the conversation centered on the relationship between risk, ratings and investment. Participants shared views on how global credit rating methodologies assess African economies, the factors behind risk premiums and how country-specific circumstances could be better reflected in risk assessments.
They also addressed reforms to Africa’s credit rating ecosystem and measures to deepen domestic capital markets, including greater market liquidity, more investment instruments, stronger market infrastructure and local-currency bond markets.
Sonia Essobmadje who heads the Innovative Finance and Domestic Resource Mobilization Section at the Economic Commission for Africa said developing Africa’s capital markets must be a priority.
“Deeper and more efficient domestic markets can help mobilize Africa’s own resources, channel savings into productive investment and reduce reliance on external financing,” Ms. Essobmadje said.
The ECA economist also highlighted the need to improve the macroeconomic fundamentals to ensure that risk assessments better reflect the reality of African economies.
Participants also addressed knowledge gaps around sovereign and corporate credit ratings, including how governments, state-owned enterprises, investors and regulators understand and engage with rating processes.
Financial literacy was identified as an important part of building a more transparent, inclusive and resilient financial ecosystem.
Technology was another major part of the conversation, from emerging AI-driven rating models and dynamic credit scoring to the use of new technologies in rating methodologies and data. The conference also explored the potential of fintech, blockchain and AI to increase the quality and volume of finance available to African economies.
A recurring issue throughout the meeting was how Africa could put more of its own capital to work. Participants highlighted some policy options for enabling a greater share of African institutional assets to be invested within the continent without compromising liquidity and safety, drawing lessons from emerging economies including China, Japan and South Korea.
The implications for infrastructure financing, industrialization, trade, regional integration and sovereign ratings were also discussed.
Mauritius provided a fitting setting for the conversation. Ms. Singh described the island nation as both a small island developing state and a recognized financial hub, noting that its hosting of the conference and the Africa Credit Rating Agency reflected Africa’s efforts to strengthen its financial architecture while remaining engaged with international markets.
The conference was organized by the African Peer Review Mechanism in collaboration with the UN Economic Commission for Africa, the African Union, the Government of Mauritius and other partners.
It brought together representatives of governments, financial institutions, credit rating agencies, investors, regulators, academia and the private sector and concluded with key takeaways, action points and conference resolutions.
Issued by:
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Economic Commission for Africa
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